Modern Mining October 2020

GOLD

Bagoé acquisition consolidates Perseus’s position Perseus Mining’s recent acquisition of Exore Resources is another step forward on the company’s journey to transforming itself into a multi-mine, multi-jurisdictional producer of in excess of 500 000 ounces of gold per year at a cash margin of over US$400 per ounce. With its third mine, Yaouré, pouring its first gold later this year, MD and CEO Jeff Quartermaine tells Munesu Shoko , the company will reach the half a million ounces per year production milestone.

O n 25 September 2020, the implementation of the scheme of arrangement between Perseus Mining Limited (ASX/TSX: PRU) and Exore Resources Limited (Exore) was completed, allowing Perseus to acquire all of Exore’s assets, including a portfolio of exploration assets located in northern Côte d’Ivoire. The transaction included the PR 321 that hosts the Bagoé Gold Project (Bagoé), located approximately 70 km from Perseus’s Sissingué Gold Mine. Exore’s major asset, explains Quartermaine, was its land package which comprises a num- ber of exploration licences and applications for exploration licences. The land package covers approximately 2 000 km² in an area that is known to host a number of significant gold deposits. “One of the exploration licences we have acquired is known to host a JORC compliant Mineral Resource at the Bagoé Gold Project as announced by Exore earlier this year,” he says. The acquisition, he says, while being of a “bolt-on”

Jeff Quartermaine, MD and CEO of Perseus Mining Limited. nature, is significant for Perseus as it potentially pro- vides an additional source of ore to be processed through the company’s highly efficient processing facility located nearby at the Sissingué Gold Mine for a number of years to come. “Based on our preliminary analysis, we believe that a proportion of the currently defined Mineral

The acquisition potentially provides an additional source of ore to be processed through the company’s highly efficient processing facility located nearby at the Sissingué Gold Mine.

14  MODERN MINING  October 2020